One of the great things about working in the commercial real estate sector is the versatility of the assets we come across.
A new venture is being explored by Universal Studios, who have bought an industrial site formerly used as a brickworks in Stewartby, Bedfordshire. Universal Studios Parks & Resorts are in the “very early” stages of the planning process and are considering the site for a new theme park and resort.
The film and entertainment industry has had a strong presence in the UK for some time, contributing large sums of money towards the economy. Projects range from production companies buying and leasing sites for filming to repurposing sites for exhibitions and tours.
Repurposing the Bedfordshire site will involve commercial considerations, but also legal and practical challenges for Universal Studios. The land had planning permission for 1,000 homes that were never built and Universal Studios will need to apply for new planning. It will be interesting to see what will be submitted to the local planning authority, which will provide an initial glimpse into the owner’s vision for the site.